Does Blockchain Technology Have the Potential to Change the Way World Works?

Puneet Sharma

Nov 26, 2020

Most of the media headlines these days are revolving around the latest technologies and Blockchain is one of them. With the growing consensus among business leaders and entrepreneurs, the future of Blockchain technology seems to be a lot more than everyone has expected. Though Bitcoin and Blockchain are often mentioned as the same, they are way different, Blockchain being the foundation of the digital currency.

Why seek for blockchain app development services?

Blockchain is not something that you can see and touch as an app on your smartphone but is the answer to a question everyone has been asking since the dawn of the Internet age. It’s a record-keeping technology with blocks made up of digital pieces of information. It is dramatically transforming commerce across every industry, including financial and legal services, healthcare, agriculture, etc.

Here are some amazing ways companies are using Blockchain technology to make their way into a better world:

  1. - Secure Records of Financial Transactions: Blockchain removes three main obstacles related to record accessibility, maintaining privacy, and assuring the functionality of the shared information.

  2. - Holistic View of Health Progress: Adding fitness and diet factors helps healthcare providers explore new opportunities in the rising field of Digital Health and provide people better control over their health data.

  3. - Improvements to Educational Institutions: From maintaining records of student applications to courses completed and scores. Also, such a system could allow teachers and students to access a transparent and trustworthy platform.

  4. - More Efficient Transaction Options: Banks and other financial institutions can provide more transaction options to their consumers such as same-day international currency exchanges, an added layer of insurance, and more without the security risks.

  5. - Effective Food Inventory Tracking: Food-borne illness has become a major concern with everyone questioning the road their produce traveled their way. Using Blockchain will help in effective tracking along with the food safety alliance.

  6. - Benefiting Every Sector: Blockchain has the potential to improve efficiency and transparency in different sectors including Accounting, Advertising & Marketing, Human Resources, Information Technology & Cybersecurity, Management & Operations.

Because of the complex and highly-encrypted design, the technology isn’t prone to hackers as they would need to attack every node on the chain, simultaneously. If it paves the way into different sectors, the practical applications are limited only by the imagination and effort of the business people.

From big players in the market to startups, Blockchain is something that has vast potential when it comes to the digitalisation of assets and transactions. Within the next handful of years, a lot of digital players may begin to run atop a blockchain foundation. This is enough for businesses to seek for Blockchain app development services and get started.

If you have any suggestions on the topic, do share in the comment section…

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